Axer Eiendom moved away from spreadsheets and simplified the reconciliation
Group Controller in Axer Eiendom, Gaganprit Kaur Plaha, is not in doubt that Accountflow has made everyday life easier – the system has given the company increased efficiency and better quality.
Challenging with heavy spreadsheets
Axer Eiendom manages and develops property through a number of major property projects. As an accounting controller, Plaha is responsible for ensuring the quality of the accounts, both in the form of checking the accountant's work and providing professional assistance.
- Our aim is to have the best possible internal control, so that there are no significant errors in the accounts when the companies are to be made public and used for decision-making by the users, Plaha explains.
But it's not always easy to have good intern control. Plaha says that the breadth of issues in the property industry, both tax and accounting in various companies, presents challenges when it comes to balancing quality and efficiency.
- The more manual work we do, the higher are the chance of error. Excel is not designed for balance sheet reconciliations, even though it is the most used tool for this purpose, she explains.
– It will be a cost/benefit question and we saw the benefit in moving away from Excel.
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Time saving and control
Plaha talks about a new everyday life with Accountflow. Now they can trust that the numbers they base their decisions on are correct.
- For those of us moving from Excel, this is absolute gold, especially bank reconciliation. Now we don't have to sit with an account statement from the bank on one side, with the ERP system on the other, and at the same time mark each transaction. All we need to do in Accountflow is press the auto-reconcile button.
– It's a huge upgrade from how we worked before!
Plaha further explains that the accountants save a lot of time by collecting reconciliation and documentation in one system. They experience less time spent on unnecessary work and minimize the chance of making input errors between the spreadsheet and the system. The biggest change is not having to work manually and cut and paste from the financial system into the spreadsheets.
- We have a large company portfolio, and each company previously had its own spreadsheet, which in turn was in different folders in different places on the server. If you then wanted to find information back in time, you had to go back in yet another Excel sheet for the period in question and search backwards in time.
Saving time and simplifying the reconciliation were therefore the most important factors when Axer chose to go for Accountflow. In addition, it was positive that the company was newly started, so that Axer could help shape the system.
- It is very nice to be able to make suggestions and wishes for Accountflow. In large, ready-made systems, you cannot help influence to the same extent, she concludes.
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